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How to "make a hamburger" on Binance? Binance Smart Chain's "democratic" liquidity mining: BurgerSwap

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How to "make a hamburger" on Binance? Binance Smart Chain

The centralized exchanges are launching offensives and seizing the DeFi opportunity. Exchanges are not only mindlessly listing DeFi tokens, examples like FTX Exchange launching its decentralized trading platform Serum, and its founder SBF gaining control of SushiSwap, are vivid instances. Leading centralized exchange Binance also introduced Binance Smart Chain (BSC) and its own AMM and other DeFi-related products.

In the early morning of September 11th, Binance officially announced that five products had been deployed on BSC. These include lending platforms: Cream Finance by Huang Li Cheng, ForTube; automated market makers: Spartan Protocol, Bakeryswap; and auctions: Bounce.finance.

In the evening of the 11th, a sixth application appeared: BurgerSwap. Just by the name, it's clear that this food-themed platform is not much different from the liquidity mining platforms like Yam, Sushi, Sake, Sashimi on Ethereum. But how does it operate on BSC?

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How to Access BurgerSwap on Binance Smart Chain via MetaMask?

According to the official article from BurgerSwap here, you just need to make some settings on MetaMask to connect to the BSC.

(1) Open MetaMask and select 【Custom RPC】 under the network menu, which by default will be Ethereum Mainnet.

Note: The example is based on the desktop version of MetaMask.

2 Then enter the following values in the empty fields and click Save:

Network name: Binance Smart Chain
New RPC URL: https://bsc-dataseed1.binance.org:443
ChainID: 56
Symbol: BNB
Block Explorer: https://explorer.binance.org/smart

(3) Re-select 【Binance Smart Chain】 from the network menu to connect to the BSC network. (Note: If you need to deposit BNB from Binance, you need to select BEP20 as the token standard.)

What Makes BurgerSwap on Binance Smart Chain Unique?

The official article from BurgerSwap here states that it is a decentralized exchange emphasizing democracy, where users must participate in governance voting to receive staking rewards.

Liquidity Mining Reward Setup: Since BurgerSwap is built on BSC, each coin will have a BNB trading pair. Additionally, there must be at least 1% liquidity of a BURGER trading pair relative to a BNB trading pair to qualify for liquidity mining rewards. For example, if there is a trading pair of ABC coin and BNB with equal value on both sides in the liquidity pool: 100 ABC worth of BNB + 100 BNB. Then in the ABC coin and BURGER trading pair, there must be at least 1 BNB worth of ABC + 1 BNB. However, users can change related parameters through governance. (Users can provide liquidity for any trading pair like on Uniswap, but a coin will only receive BURGER mining rewards if it meets the conditions of BNB and BURGER trading pairs.)

Staking Rewards, Fee Sharing: Providing liquidity to earn BURGER allows for fee sharing through staking. Currently, the trading fee is 0.3%, and the fee income is converted to BURGER, which is added to the governance fund pool. Users must stake Burger and participate in weekly voting to share the fee. In the future, listing and delisting will be governed by the community and the costs will be shared.

Emphasis on voting participation

It is worth noting that BurgerSwap emphasizes that they do not have Liquidity Provider (LP) tokens, so there will be no "vampire attack" like Uniswap experienced with SushiSwap. Additionally, there are no pre-mined or developer bonus pools.

Reminder: Liquidity mining platforms involve various risks, so please proceed with caution.